The Government Service Insurance System (GSIS) has launched a new loan program to help members buy bicycles and electric mobility devices.
The new loan program is called the Ginhawa Bike and E-Mobility Loan (GBEL).
The facility allows qualified GSIS members to borrow up to 100% of the cost of a unit, with a maximum amount of PHP300,000.
The loan is payable in up to 36 months through salary deduction with a 5% annual interest rate and no service fee.
To qualify, members must have at least three years of service, no pending administrative or criminal cases, and no defaulted GSIS loans (except housing loans). Their net take-home pay must also meet the minimum government requirement after deductions.
GSIS President and General Manager Wick Veloso said the program aims to help government workers reduce transportation costs and have more flexible commuting options.
The loan covers brand-new bicycles and electric mobility devices such as e-bikes, e-scooters, e-mopeds, cargo e-bikes, and folding e-bikes, among other similar electric personal transport units.
The program also includes free personal accident insurance coverage worth PHP100,000 for one year.
Interested GSIS members can apply online through the GSIS Touch mobile app.
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